Bitcoins are gaining popularity rapidly among people around the world. Many countries are making bitcoins legal and a lot of big investors are showing interest in it. Bitcoins are becoming a much safer option for many investors, as it provides high levels of privacy and security than other investment options. The growing demand also shows greater profit levels from the bitcoins.
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For using bitcoins for different purposes, you first need a bitcoin wallet where you could securely store all your bitcoins. Hence you should choose wisely in which online wallet you should store your bitcoins.
Here are some tips for choosing the most secure online bitcoin wallet-
- User experience
The online wallet should have an easy-to-understand and less confusing interface so that everyone can easily use it for transactions. The less confusing is the wallet, the fewer fraud programs will happen. Hence you need to check for all the options and should understand the whole interface before doing any transactions.
- Backup coins
Choose the online bitcoin wallet which provides a backup function for your bitcoins. It is necessary if due to some technical errors if you failed to log in to the particular wallet all your savings will get lost. Hence a proper backup system should be present.
It allows you to have more than one key to authorize bitcoin transactions. That ensures t have multiple verification processes for transactions. Greater security can be achieved by having these verifications and theft of your bitcoins can also be prevented.
Online wallets having the best secure server should be chosen to have a peaceful transaction. The best security provider will have the best user-friendly transaction processes, so everyone can transfer bitcoins without any worries. Always choose a wallet that has a two-step verification process so that all transactions will be safer.
- Brand image
Choose online wallets having clean history without any black marks. You should check for their parent company and their processes, and ensure that no frauds have been done in the history of the company. Always choose a well-reputed online bitcoin wallet, so that your bitcoins will be safe.
Different wallet types
There are different types of bitcoin wallet types from highly secure complicated wallets to online sites with easy to operate user interfaces. The choice is yours, choose the apt wallet that will satisfy all your needs.
The two mainly used wallets are online and hardware options. To understand what is online and hardware wallets you should initially know about what is hot and cold wallet options are.
Hot wallets are connected to the internet and transactions can be done at any point in time. While a cold wallet is not connected to the internet and you have to rely on other sources to make a transaction.
Cold wallets include hardware wallets and processes that are similar to a normal transaction through banks. All businessmen use cryptocurrency wallets to manage their crypto assets and make them secure. They also use both hot and cold wallets so that very transaction possibilities can be exploited and can be easier for businesses.
3 Main Categories of bitcoin wallets
- Paper wallets
Paper wallets are physical copies or prints of public and private keys. Paper wallets are a type of cold wallets where transactions include hardware wallets. Paper wallets have relatively acceptable levels of security when compared to others and are used to transfer using software clients or by scanning QR codes.
The private key of your paper wallet should be kept very secret and should not be shared with anyone. You should maintain proper measures to securely transfer funds and should be aware of all the guidelines used.
Paper wallets also have their disadvantages as they can be easily copied or damaged. So you have to take necessary measures to protect your bitcoins.
- Hardware wallets
Hardware wallets are another type of cold wallet where all your private keys are stored in external devices like USB, hard disks, and all. In hardware wallets, online transactions are also compatible.
They are designed to process with different transactions and to be compatible with different currencies. They provide you an easy and convenient transaction process by just plug and play on any online device.
Hardware wallets are not free to use but they provide the safest option to store bitcoins. Check for frauds in hardware wallets as there are chances to provide you duplicate service from unknown people. Make sure you purchase hardware wallets from reputed agencies so that there will be lesser chances that you will get cheated.
- Software wallets
Software wallets are a type of hot wallets where everything can be controlled from anywhere at your fingertips. They can be downloaded and used on your personal computer or mobile phone.
The main disadvantage with software wallets is there are chances that hacks and viruses can attack your wallet. You need to take proper care of these to perform them error-free.
Software wallets are the simplest and easiest to use. They provide you with a user-friendly interface so that every transaction will be completed without any hassles. Software wallets also provide access to different devices so that you can complete transactions from anywhere at any time.
The best way to protect your bitcoin investments is by having a secure and efficient bitcoin wallet. You need to have a perfect balance between hot and cold wallets so that maximum savings can be generated from your investments.